Correlation Between Direxion Daily and Thaicom Public
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By analyzing existing cross correlation between Direxion Daily Mid and Thaicom Public, you can compare the effects of market volatilities on Direxion Daily and Thaicom Public and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Direxion Daily with a short position of Thaicom Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Direxion Daily and Thaicom Public.
Diversification Opportunities for Direxion Daily and Thaicom Public
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Direxion and Thaicom is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Mid and Thaicom Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thaicom Public and Direxion Daily is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Direxion Daily Mid are associated (or correlated) with Thaicom Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thaicom Public has no effect on the direction of Direxion Daily i.e., Direxion Daily and Thaicom Public go up and down completely randomly.
Pair Corralation between Direxion Daily and Thaicom Public
Given the investment horizon of 90 days Direxion Daily is expected to generate 21.79 times less return on investment than Thaicom Public. But when comparing it to its historical volatility, Direxion Daily Mid is 20.59 times less risky than Thaicom Public. It trades about 0.05 of its potential returns per unit of risk. Thaicom Public is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 1,332 in Thaicom Public on September 12, 2024 and sell it today you would earn a total of 108.00 from holding Thaicom Public or generate 8.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 97.17% |
| Values | Daily Returns |
Direxion Daily Mid vs. Thaicom Public
Performance |
| Timeline |
| Direxion Daily Mid |
| Thaicom Public |
Direxion Daily and Thaicom Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Direxion Daily and Thaicom Public
The main advantage of trading using opposite Direxion Daily and Thaicom Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Direxion Daily position performs unexpectedly, Thaicom Public can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Thaicom Public will offset losses from the drop in Thaicom Public's long position.| Direxion Daily vs. Direxion Daily Retail | Direxion Daily vs. Direxion Daily Industrials | Direxion Daily vs. Direxion Daily Transportation | Direxion Daily vs. Direxion Daily FTSE |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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